1. The Global Organizational Hierarchy ( GOH ) can include all of the undermentioned except:
c. Business Unit of measurements
2. An entity’s subscribers may include:
a. Hearers but non contacts
B. Contacts but non hearers
c. Neither hearer nor contacts, merely TeamRisk decision makers
d. Both hearers and contacts
3. Which of the undermentioned hazard assessment elements are non stored in TeamStore?
4. Which of the undermentioned statements sing the self-assessment procedure is wrong? a. Self-assessment allows both hearers and contacts to supply input for a hazard appraisal. b. Self-assessments are performed utilizing a web-based interface called TeamRisk Web. c. Self-assessment tonss automatically update the concluding hazard mark for the entity without any action required by the audit section. d. Self-assessments can let for the contact or audit spouse to place extra hazards.
5. When constructing an internal audit program in TeamRisk, the system provides all of the undermentioned information except:
a. Hazard mark by entity
B. The estimated start day of the month of the audit
c. Cycle-driven demand position
d. Whether or non the entity is already linked to an bing internal audit battle
6. The Hazard and Controls Library is inactive and can non be changed once it is setup. a. True
7. Categorization of Risks is limited to the undermentioned types: Operational, Financial, Compliance, and Strategic. a. True
8. When placing entities for the internal audit program, merely one entity may be linked to each audit battle for the twelvemonth. a. True
9. Built-in hazard is the hazard of a material misstatement in the fiscal statements originating due to error or skip as a consequence of factors other than the failure of controls. Residual hazard is the chance of loss that remains after internal control has been implemented. TeamRisk is an advanced hazard appraisal system that enables internal hearers to develop a risk-based internal audit program. By using TeamRisk, CPI could hold a more comprehensive appraisal with the advanced self-assessment characteristics of Teamrisk.
10. The Global Organizational Hierarchy divided company’s audit construction into logical, manageable units. The hierarchy is different from organisation to organisation, and consists of subordinates, divisions, units, activities and even more specific little units. The hierarchy is more flexible and personalized to suit in different organisation. The COSO ERM model is a strong foundation for Hierarchy. Through COSO theoretical account, company could easy observe, understand, buttocks, and fix uncertainnesss.